New listing activity of Montclair homes was slow in December, as expected, with only 13 houses coming on the market, but closings were active for homes that went under contract in the fall. 38 houses closed in December, up slightly from 34 last year.

Of particular note was the decrease in average days on market from 36 to 52 and an increase in average sales price to list price premium from 1% to 4% for sales closed in December. I would take this as an indicator that the Spring market will continue to be competitive for limited inventory among buyers.

Inventory was 95 homes at month end, the lowest it’s been since January 2005. As a result, one can expect a large pool of buyers to sit out of the market in the short term until more homes become available.

Questions?

Contact me today, Rich